As of yesterday, traders were seeing the Dow's lowest hi/lo spread for a 13-day trading period since 1986.

The market has certainly stalled out lately, but we didn't realize it was this extreme. Over the last 13 trading days, the difference between the Dow's (INDEXDJX:DJI) intraday high and intraday low has been just 1.35%. This is the lowest hi/lo spread for the Dow over a 13-trading day period that we've seen throughout this entire bull market (since March 9, 2009). In fact, it's the lowest 13-day hi/lo spread since December 1986! It's been more than 25 years since the Dow has had a tighter range over a 13-trading day period.